HP reports Q3 boost

PC giant Hewlett-Packard reported earnings of $2.03 billion for Q3, up from $1.78 billion in the same period last year.

This 14 per cent jump in profits has enabled the firm to hold its position as the worlds number one seller of PCs, however, profits were hurt by higher prices for some parts and a consumer shift towards cheaper PCs. Margins after manufacturing costs were down slightly on last year at 24.2 per cent, highlighting the increased cost of components.

Overall sales grew by 10 per cent year on year, fuelled by a 26 per cent boost to laptop sales and by the weakening dollar, which has meant that global sales generate comparatively more profit.

Shares rose by 2.9 per cent after the publication of the current figures and the company has predicted revenues of $30.2 billion for the next quarter.